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Carolina  Petroleum  Company" 

DETAILS  OF  ITS  PLAN  TO  DEVELOP 

Oil  Fields  Along  the  Atlantic 


CAROLINA   PETROLEUM   COMPANY 

SOUTHERN  BUILDING,  WASHINGTON,  D.  C. 


PREPARED  AND   PUBLISHED  BY 

WALL  STREET  PUBLICITY,  Inc. 
280  Broadway,  New  York  City 


The  Carolina  Petroleum  Company 

Plans  to  Develop  Great  Oil 

Fields    Along   the 

Atlantic  Coast 

THE  press  announcements  of  the  plans  of  the  Carolina 
Petroleum  Company  to  develop    the    neglected    oil 
possibilities   of   large   districts    in    North    Carolina 
which  are  in  contact  with  tide  water  have  aroused 
lively  public  interest. 

For  more  than  a  generation  it  has  been  locally  recognized 
that  many  indications  point  to  the  existence  of  petroleum  in 
large  quantities  under  the  tracts  now  selected  for  development. 
It  has  remained  for  Mr.  Royal  C.  Remick  of  Washington,  D.  C, 
to  take  advantage  of  the  hints  which  nature  offers. 

It  is  impossible  to  exaggerate  the  profits  which  will  accrue 
from  the  discovery  of  oil  in  the  extensive  tracts  which  are 
under  the  control  of  the  Carolina  Petroleum  Company,  of 
which  Mr.  Remick  is  the  active  head.  This  corporation  is 
organized  on  such  a  basis  that  the  bringing  in  of  a  single  well 
of  average  flow  will  amply  reward  those  who  participate  in  its 
financiering. 

The  Carolina  Petroleum  Company  controls  under  lease 
of  oil  and  mineral  rights  100,000  acres  of  land  on  tide  water 
near  Wilmington,  N.  C,  and  after  the  bringing  in  of  the 
initial  well  hundreds  of  others  may  be  brought  in  without 
lessening  the  flow  of  any  of  those  located  in  this  wide  area. 

If  the  expectation  of  geologists  and  oil  experts  are  even 
partly    realized,    this    North    Carolina    enterprise    is    certain 

3 


to  play  an  important  part  in  the  future  of  oil  production. 
It  will  operate  in  an  area  exceeding  155  square  miles.  If 
even  a  fraction  of  this  tract  proves  productive,  the  oil  output 
should  be  great.  Fields  limited  to  a  few  acres  often  produce 
thousands  of  barrels. 

The  stupendous  and  seemingly  permanent  rise  in  the  price 
of  crude  oil  and  its  products  will  later  be  considered  in  detail 
in  this  prospectus.  It  is  sufficient  now  to  state  that  oil  brought 
to  the  surface  in  North  Carolina  and  in  contact  with  water 
carriage  to  New  York  and  the  other  great  eastern  markets 
would  yield  to  the  Carolina  Petroleum  Company  profits  of  not 
less  than  $2.50  a  barrel  at  the  present  prices. 

A  daily  production  of  20,000  barrels  would  thus  net  to  the 
company  daily  profits  of  $50,000,  and  annual  profits  of 
$18,250,000. 

Startling  as  are  these  estimated  profits,  it  should  be  con- 
sidered that  such  a  new  output  of  20,000  barrels  a  day  will 
meet  only  about  one  per  cent,  of  the  existing  demand  for 
petroleum  and  its  products  in  the  United  States  alone.  It  is 
doubtful  if  a  daily  output  of  100,000  barrels  on  the  100,000 
acres  controlled  by  the  Carolina  Petroleum  Company  would 
have  any  decided  effect  in  lowering  market  prices  for  oil. 

Frederick  Upham  Adams,  author  and  financial  expert,  in 
an  article  published  on  March  21  in  the  New  York  Morning 
Telegraph,  presents  this  interesting  and  unbiased  account  of 
this  enterprise,  under  the  caption  "Oil  Along  the  Atlantic 
Coast." 

NORTH  CAROLINA  is  taking  an  energetic  initiative  in 
the  development  of  oil  fields  in  sections  adjacent  to  the 
Atlantic  Ocean.  There  is  every  indication  that  projects  now 
under  way  will  realize  the  dream  of  the  discovery  of  petroleum 
in  large  quantities  in  districts  east  of  the  Appalachian  Range. 

Such  a  development  of  oil  fields  with  direct  water 
transportation    to    the    great    eastern    markets    will    effect    a 


startling  revolution  in  this  industry.  The  signs  have  long 
been  unmistakable  that  oil  in  vast  quantities  lies  beneath 
the  surface  in  certain  districts  in  North  Carolina,  and  doubtless 
in  other  sections  near  the  coast  as  far  south  as  Florida. 

The  most  promising  district,  and  the  one  in  which  adequate 
capital  will  be  expended,  is  situated  in  North  Carolina  in  a 
broad  section  extending  from  Wilmington  of  that  state  in  a 
northeasterly  direction  for  70  miles  or  more.  Cape  Fear 
River  flows  from  the  mountains  into  the  Atlantic  at  Wilming- 
ton and  is  navigable  for  50  miles  from  its  mouth.  The  river 
thus  taps  the  section  which  has  been  selected  for  oil  develop- 
ment, and  renders  it  practical  at  slight  expense  to  insure 
water  carriage  for  such  oil  production. 

For  more  than  a  generation  residents  of  Onslow,  Pender 
and  Duplin  Counties  have  been  convinced  that  oil  lies  beneath 
the  knolls  and  ridges  which  mark  this  area.  All  through  this 
district  there  are  unmistakable  indications  of  oil  seepages. 
Many  of  the  brooks  which  run  through  this  section  bear  on 
their  surface  thin  films  of  oil. 

When  Royal  C.  Remick  and  other  interests  acquired  a 
tract  of  100,000  acres  of  such  land  in  Pender  County  in  1916, 
the  purchasers  gave  little  thought  to  its  oil  possibilities.  Mr. 
Remick  originally  saw  in  it  a  combined  cattle  and  lumber 
enterprise.  It  was  not  until  he  began  a  thorough  exploration 
of  this  newly  acquired  property  that  he  became  interested  in 
the  most  promising  opportunity  it  offered  for  oil  production. 


Indications  of  Petroleum 

Mr.  Remick  found  that  the  natives,  and  especially  the 
negroes,  regarded  this  section  with  fear  and  superstition. 
They  told  stories  of  happenings  which  were  unexplainable 
to  them;  of  strong  odors,  noxious  vapors  and  of  other  mysteri- 
ous manifestations. 

Investigation  proved  that  most  of  this  apprehension 
arose  from  oil  seepages  in  various  localities.  The  natives 
also  complained  of  the  difficulty  in  sinking  wells  in  which 
the  water  would  not  be  impregnated  with  substances  strange 
to  them.     It   was   ascertained  that  many  of  such  wells   had 


tapped  strata  through  which  petroleum  seeped  in  considerable 
quantities,  and  in  many  cases  the  walls  of  these  wells  showed 
deposits  of  paraffin. 

These  indications  of  petroleum  are  not  confined  to  the 
land.  The  steamers  which  skirt  these  coasts  south  of  Cape 
Hatteras  often  pass  through  extensive  areas  in  which  water 
is  covered  with  an  oily  scum.  Not  long  ago  a  steamer  headed 
for  New  York  passed  through  an  area  so  heavily  covered 
with  oil  that  its  captain  assumed  that  one  of  the  Standard 
Oil  Company's  tankers  had  been  lost  in  the  storm  which 
had  swept  this  coast.  On  his  arrival  in  New  York  he  thus 
notified  the  Standard  Oil  Company  and  asked  if  any  of  their 
ships  had  been  lost.     He  was  informed  to  the  contrary. 

The  crews  of  the  fishing  boats  which  operate  in  the  more 
shallow  waters  along  these  shores  are  familiar  with  this  phe- 
nomenon of  surface  oil.  Geologists  who  have  investigated 
this  matter  are  of  the  opinion  that  there  is  a  fault  in  the 
limestone  strata  through  which  the  oil  seeps  and  is  thus 
carried  by  winds,  tides  and  the  Gulf  Stream  in  various 
directions. 

Chemical  tests  of  these  land  and  water  seepages  prove 
beyond  question  that  they  contain  petroleum.  The  consensus 
of  opinion  of  those,  experts  who  have  investigated  this  property, 
is  that  indications  of  oil  in  paying  quantities  are  so  numerous 
and  convincing  as  to  warrant  a  comprehensive  attempt  to 
develop  an  oil  field  in  this  section,  and  it  is  for  that  purpose 
that  Royal  C.  Remick  and  other  financiers  have  founded  the 
Carolina  Petroleum  Company  and  will  place  back  of  it  an 
amount  of  capital  adequate  for  development  purposes. 


A  Long  Neglected  Opportunity 

It  is  rather  an  astounding  fact  that  this  is  the  first  real 
effort  to  bring  into  production  an  oil  field  along  the  Atlantic 
coast.  There  are  many  geological  reasons  why  petroleum 
should  be  located  as  readily  east  of  the  Alleghany  Mountains 
as  to  the  west  of  it.  Practically  all  of  the  geological  manifes- 
tations which  led  experts  to  drill  for  oil  in  Louisiana,  and  the 
Gulf  Coast  of  Texas  and  Mexico  are  duplicated  in  the  large 
areas  owned  or  controlled  by  the  Carolina  Petroleum  Company. 


In  fact,  it  was  the  phenomenon  of  oil  on  the  surface  of  the 
Gulf  of  Mexico  at  points  along  the  Texas  and  Mexican  coasts 
which  led  to  the  drilling  of  wells  in  districts  which  now  supply 
millions  of  barrels  annually  to  those  who  took  advantage  of 
this  plain  hint.  Not  even  the  original  Pennsylvania  fields 
showed  a  greater  amount  or  a  more  general  distribution  of 
seepage  than  does  the  100,000  acre  tract  in  which  the  original 
wells  will  be  sunk  by  the  Carolina  Petroleum  Company. 


Open  storage  in  a  Texas  oil  field 

It  is  true  that  a  few  attempts  have  been  made  in  places 
along  the  Atlantic  coast  to  sink  oil  wells,  but  in  none  of  them 
did  the  drillers  penetrate  to  the  depth  at  which  oil  ordinarily 
is  found.  A  scantily  financed  company  sank  a  well  1,000 
feet  deep  a  number  of  years  ago  near  Norfolk,  and  then  quit. 
Other  prospectors  have  drilled  a  few  hundred  feet  and  then 
abandoned  the  attempt.  Oil  experts  who  have  investigated 
this  North  Carolina  project  believe  that  oil  should  be  found 
at  a  depth  of  from  2,500  feet  to  possibly  4,000  feet,  and  such 
will  be  the  policy  of  the  Carolina  Petroleum  Company. 


The  company  has  acquired  the  lease  of  the  100,000  acre 
tract  and  may  secure  other  large  tracts  along  the  route  of 
the  Atlantic  Coast  Line  Railway  from  Wilmington  to  New 
Bern,  a  distance  of  nearly  70  miles.  The  original  wells  will 
be  sunk  in  Pender  County  and  in  close  contact  with  the 
navigable  Cape  Fear  River. 

The  raw  product  of  these  wells  will  thus  be  nearer  the 
New  York  market  than  those  of  any  other  field.  The  entire 
district  is  tapped  both  by  water  and  rail  transportation. 
This  insures  that  the  company  will  not  be  required  to  con- 
struct any  extensive  pipe  lines  in  order  to  reach  tidal  water. 
The  corporation  will  therefore  not  be  obliged  to  expend  the 
millions  of  dollars  usually  involved  in  the  construction  and 
operation  of  such  pipe  lines. 

It  cost  one  Texas  Company  recently  more  than  $5,000,000 
to  connect  its  field  with  tide  water.  These  North  Carolina 
tracts  are  on  tide  water,  which  means  a  stupendous  and 
lasting  advantage,  and  one  rarely  possessed. 

This  exemption  from  pipe  line  expense  means  an  added 
profit  of  from  fifty  cents  to  one  dollar  a  barrel  for  all  oil  pro- 
duced in  these  fields  because  of  their  direct  water  communi- 
cation to  the  great  markets  of  New  York  and  other  eastern 
centers  of  consumption. 

More  than  that,  negotiations  have  been  entered  into  by 
which  a  refinery  will  be  erected  in  these  North  Carolina 
fields  when  the  production  warrants. 

Drilling  in  Other  Sections 

Other  financial  interests  in  South  Carolina,  Georgia,  and 
Florida  accept  the  opinion  of  geologists  and  oil  experts  to 
the  effect  that  petroleum  exists  in  paying  quantities  in  various 
sections  and  are  now  drilling  for  it  or  preparing  to  begin  such 
operations. 

The  drilling  operations  of  the  Carolina  Petroleum  Company 
will  be  under  the  direction  of  the  most  capable  and  experienced 
staff  obtainable.  The  company  will  not  risk  its  future  on  the 
success  or  failure  of  a  single  well,  but  will  be  in  a  financial 
position  to  make  a  thorough  test  of  possibilities  in  which  every 
indication  holds  out  promise. 


A  developed  Oklahoma  oil  field 


Royal  C.  Remick,  President  of  the  Carolina  Petroleum 
Company,  has  devised  and  put  into  operation  a  plan  of  financing 
this  enterprise  of  an  unusual  and  attractive  nature.  While, 
as  stated,  everything  points  to  the  conclusion  that  oil  exists 
and  can  be  found  in  these  tracts,  Air.  Remick  is  frank  to 
admit  that  this  enterprise  is  speculative  in  its  character,  and 
that  the  opinion  of  the  oil  experts  may  be  set  aside  by  actual 
results. 


"Safety  in  Oil" 

He  has  therefore  adopted  a  plan  which  he  calls  "Safety 
in  Oil."  Under  this  plan  every  dollar  originally  invested 
in  stock  of  the  Carolina  Petroleum  Company  will  eventually 
be  returned  to  the  subscriber,  regardless  of  whether  or  not 
oil  is  struck  or  whether  a  dollar  of  earnings  ever  is  available 
for  dividends. 

This  seems  rather  a  startling  proposition.  It  sounds 
impossible,  but  it  is  not.  It  is  a  plain,  straight,  practical 
and  scientific  though  novel  expedient  of  finance.  Please 
follow  closely  this  explanation  of  the  plan   adopted: 

The  Carolina  Petroleum  Company  is  incorporated  with 
an  authorized  capital  stock  of  $5,000,000.  Its  officers  are: 
Royal  C.  Remick  of  Washington,  D.  C,  President;  A.  B. 
Williams,  of  Washington,  D.  C,  formerly  of  Wilmington, 
North  Carolina,  Vice-president;  and  D.  K.  Co  wen,  of  Wash- 
ington, D.  C,  Secretary  and  Treasurer.  G.  S.  Ferguson,  Jr., 
of  Washington,  D.  C,  formerly  of  Greensboro,  N.  C,  has  been 
employed  as  General  Counsel. 

This  company  now  offers  to  the  public  $1,000,000  of  its 
treasury  stock  in  denominations  of  ten  dollars  a  share  at  par. 
Arrangements  have  been  made  by  which  the  Merchants  Bank 
of  Washington,  D.  C,  acts  as  its  transfer  agency  and  general 
depository  for  subscriptions  forwarded.  The  financial  plan 
adopted  may  be  illustrated  by  assuming  that  John  Smith, 
of  any  community,  desires  to  acquire  100  shares  of  this  stock 
of  a  par  value  of  $1,000.     He  thus  proceeds: 

He  forwards  to  the  Merchants  Bank  of  Washington  his 
check  or  money  order  for  $1,000.  He  receives  in  return 
from  the  bank  100  shares  of  the  common  stock  of  the  Carolina 
Petroleum  Company.  He  receives  through  the  Merchants 
Bank  of  Washington  a  certificate  of  deposit  issued  by  a  res- 
ponsible trust  company  stating  that  the  $1,000  will  be  returned 
to  him  or  his  heirs  at  the  end  of  six  years. 

John  Smith  thus  becomes  the  outright  owner  of  stock 
of  the  par  value  of  $1,000  and  he  also  has  $1,000  in  cash 
coming  to  him  at  the  end  of  six  years.  So  far  as  this  $1,000 
in  cash  is  concerned  neither  John  Smith  nor  the  bank  nor 
any  other  interest  is  concerned  in  any  way  with  the  outcome 

10 


of  the  oil  fields  of  the  Carolina  Petroleum  Company.  In 
the  event  that  oil  is  not  struck  after  extensive  drilling,  John 
Smith  merely  loses  the  interest  which  would  have  accrued 
to  him  during  a  six  year  period — but  John  Smith  will  get 
back  every  penny  of  his  $1,000  when  that  six  year  period  has 
elapsed. 

An  Attractive  Proposition 

Again,  the  vast  tracts  of  land  under  lease  to  the  Carolina 
Petroleum  Company  may  and  likely  will  verify  the  expec- 
tations of  oil  experts  and  develop  into  a  productive  field, 
in  which  event  John  Smith's  ioo  shares  of  stock  will  become 
of  decided  value  and  will  return  to  him  annually  dividends 
which  will  insure  to  him  and  his  a  competence.  Yet,  at  the 
end  of  six  years,  he  will  receive  from  the  bank  every  dollar 
of  the  amount  originally  advanced  by  him  in  this  enterprise. 

In  other  words,  John  Smith  trades  the  interest  earning 
capacity  of  $1,000  for  six  years  in  exchange  for  the  specu- 
lative worth  of  $1,000  of  the  common  stock  of  the  Carolina 
Petroleum  Company.  He  does  not  permanently  surrender 
his  equity  in  a  dollar  of  his  money.  He  limits  his  loss  to 
the  amount  he  might  derive  from  $1,000  placed  at  interest. 
That  might  range  from  $250  to  $300.  Again,  in  the  mean- 
time, he  might  make  a  bad  venture  and  lose  all  of  it,  or  he 
might  squander  it  in  various  ways,  in  place  of  which  he  hands 
it  over  to  a  responsible  bank  or  trust  company  which 
guarantees  to  return  it  to  him  intact  when  six  years  have 
passed. 

"But,"  asks  the  puzzled  investor,  "how  does  this  finance 
your  oil  enterprise  and  open  these  tracts  to  production?" 

The  answer  is  found  in  a  consideration  of  the  magic  power 
of  interest  paid  on  money.  Through  the  instrumentality  of 
the  Carolina  Petroleum  Company  there  will  be  turned  over 
to  the  Merchants  Bank  of  Washington,  and  to  other  banks 
which  will  co-operate  in  this  undertaking,  the  amount  of  one 
million  of  dollars.  These  banks  will  have  the  use  of  this 
fund  for  six  years. 

They  therefore  have  agreed  with  the  Carolina  Petroleum 
Company  to  discount  this  million  of  dollars  at  the  annual 
rate  of  four  per  cent  compounded.     This  will  turn  into  the 

11 


treasury  of  the  Carolina  Petroleum  Company  a  cash  fund  of 
about  $212,500  which  will  be  expended  by  it  in  the  sinking 
of  wells  and  in  the  further  development  of  its  properties. 


Geological  conditions  under  which  oil  is  discovered. 

The  banks  and  trust  companies  will  derive  their  profits 
from  excess  interest  returns. 

There  has  thus  been  adopted  by  the  Carolina  Petroleum 
Company  a  new  system  for  the  promotion  and  development 
of  such  enterprises;  one  in  which  the  participants  are 
absolutely  insured  against  the  loss  of  their  principal  and 
in  which  the  risks  inseparable  from  the  launching  of  this 
class  of  enterprises  are  confined  merely  to  the  sacrifice  during  a 
limited  period  of  the  interest  on  the  money  advanced. 


12 


Underwriting  Your  Own  Stock 

Most  speculative  enterprises  are  handled  by  promoters 
or  brokerage  houses  who  underwrite  them  on  a  basis  by 
which  from  forty  per  cent,  to  sixty  per  cent,  of  the  stock 
is  diverted  to  them.  Under  the  plan  installed  by  Mr.  Remick, 
the  investor  practically  underwrites  his  own  stock,  and  thus 
receives  all  of  the  benefit  and  profits  which  usually  accrue 
when  a  promotion  is  a  success.  The  plan  justifies  Air.  Remick's 
title  for  it,  "Safety  in  Oil."  Only  $1,000,000  of  the  $5,000,000 
in  capital  will  be  offered  under  this  plan. 

It  is  impossible  to  exaggerate  the  importance  or  to  over- 
estimate the  profits  which  will  result  from  the  development 
of  an -oil  field  in  contact  with  water  transportation  to  Atlantic 
ports.  The  Carolina  Petroleum  Company  has  acquired  or 
will  acquire  other  leases  as  fast  as  possible  of  tracts  which 
capable  experts  declare  are  oil-bearing.  With  petroleum 
selling  in  Pennsylvania  at  more  than  six  dollars  a  barrel  even 
a  single  well  with  a  capacity  of  1,000  barrels  a  day  would 
make  possible  the  payment  of  very  large  annual  dividends. 
The  discovery  of  one  such  well  would  insure  the  speedy  develop- 
ment of  a  single  section  of  these  fields  to  a  production  of  from 
ten  to  twenty  thousand  barrels  a  day. 

There  is  a  tremendous  advantage  in  the  control  of  a  huge 
tract  of  land  as  compared  with  the  ownership  of  a  few  acres 
even  in  proven  oil  territory.  It  has  repeatedly  been  demon- 
strated in  Texas  and  elsewhere  that  the  excessive  drilling  of 
wells  speedily  lowers  the  oil  pressure  and  depletes  the  flow. 
The  Carolina  Petroleum  Company  controls  land  on  which  to 
sink  hundreds  of  wells  without  restricting  the  flow  of  any 
individual  well. 

The  enterprise  thus  described  is  similar  in  many  ways  to 
that  of  the  Texas  &  Pacific  Coal  Company  in  its  original 
form.  The  stock  of  this  corporation  was  comparatively 
valueless  when  it  was  operated  as  a  coal  proposition,  but 
when  oil  was  struck  on  its  property  the  stock  jumped  from 
$150  a  share  to  over  $2,000  in  a  very  short  time. 

With  oil  selling  at  six  dollars  a  barrel — many  times  its 
price  a  few  years  ago — and  with  the  oil  authorities  predicting 
that  oil  will   be  exhausted  within  27  years  if  we  depend  on 

13 


existing  fields,  the  coming  development  of  these  tracts  in 
North  Carolina  and  further  south  will  be  followed  by  the 
trade  and  the  public  with  vivid  interest.  The  investing  public 
is  likely  to  support  a  project  in  which  the  chances  of  loss  of 
the  fund  originally  invested  are  absolutely  eliminated,  and 
in  which  probable  success  is  sure  to  be  most  bountifully 
rewarded. 


Familiar  scene  when  big  well  is  brought  in 


14 


THE  THREATENED  OIL  FAMINE 

THE  crisis  in  oil  production  is  so  acute  that  producers  and 
investors  should  omit  no  effort  to  bring  in  new  supplies  of 
this   now   precious   petroleum.     It  is  the  simple  truth  to 
assert  that  the  world  is  menaced  by  an  oil  famine,  and  that 
such  a  famine  long  continued  would  precipitate  dire  industrial 
and  financial  disaster. 

The  United  States  is  not  producing  enough  oil  even  for  its 
own  purposes.  In  1919  this  country  consumed  about  418,- 
000,000  barrels  of  crude  oil  and  produced  only  376,000,000 
barrels.  It  is  conservatively  estimated  that  we  will  require 
450,000,000  barrels  this  year,  and  that  in  1925  the  demand 
will  call  for  not  less  than  650,000,000  barrels.  Where  is  it  to 
come  from? 

A  few  years  ago  gasoline  sold  at  retail  as  low  as  8  cents 
a  gallon.  It  is  now  selling  at  32  cents,  a  rise  of  400  per  cent. 
The  use  of  fuel  oil  for  heating  purposes  is  an  assured  success, 
and  will  impose  a  further  terrific  strain  on  the  already  inade- 
quate supply.  The  crude  oil  production  of  the  world  in  1918 
was  514,729,354  barrels,  an  increase  of  only  8,026,452  barrels 
over  the  preceding  year. 

Not  so  many  years  ago  crude  oil  sold  for  25  cents  a  barrel 
and  even  lower.  The  following  dispatch  to  the  New  York 
Sun  is  a  startling  indication  of  the  price  revolution  which  has 
taken  place  since  then: 

"Washington,  March  16. — Navy  Department  officials 
were  staggered  today  when  bids  for  the  supply  of  fuel  oil  for 
the  navy  were  opened  and  it  was  discovered  that  of  the 
5,000,000  barrels  sought  bids  to  supply  only  660,000  barrels 
had  been  sent  in.     The  prices  fixed  were: 

"For  60,000  barrels,  $3.65  a  barrel,  Standard  Oil  Company; 
"For  600,000  barrels,  $4.20  a  barrel,  Texas  Oil  Company. 

15 


"The  last  price  paid  by  the  Government  for  oil  of  the  same 
standard  quality  was  83  cents  a  barrel.  The  highest  price 
ever  paid  by  the  Government  since  fuel  oil  came  into  general 
use  was  $1.30  a  barrel.  The  minimum  pre-war  price  was  64 
cents  a  barrel 

"Assistant  Secretary  of  the  Navy  Roosevelt  suggested  that 
it  might  become  necessary  to  declare  an  embargo  on  the 
export  of  fuel  oil  to  bring  producers  and  refiners  to  terms." 

In  a  quest  to  meet  the  ever  increasing  demand  for  oil 
there  are  being  expended  millions  of  dollars  on  the  investi- 
gation of  tracts  in  Colombia,  Venezuela,  and  in  other  parts  of 
South  America.  The  indications  of  oil  on  the  huge  tracts 
controlled  by  the  Carolina  Petroleum  Company  are  in  many 
respects  as  marked  as  those  found  in  these  far-distant  foreign 
countries,  and  the  saving  from  freight  and  from  other  items 
of  expense  is  obvious. 

Under  the  remarkable  and  unprecedented  conditions  thusj 
described  it  is  difficult  to  set  a  limit  on  the  profits  which  may/ 
be  expected  with  the  discovery  of  oil  in  these  North  Carolina] 
tracts.  Onlyr  $1,000,000  of  stock  is  offered  for  subscription! 
on  the  basis  stated.  One  well  of  the  flow  of  1,000  barrels! 
a  day  should  bring  to  the  corporation  an  annual  profit! 
of  more  than  $900,000  from  such  a  single  source.  Success! 
in  oil  development  now  means  annual  profits  exceeding  iooj 
per  cent,  on  new  enterprises  honestly  financed. 

But,  as  has  been  stated,  if  these  hopes  prove  delusive,  the! 
investors  in  the  stock  of  the  Carolina  Petroleum  Company  will! 
receive  back  every  dollar  of  their  original  subscriptions  with-J 
out  interest  at  the  end  of  a  period  of  six  years. 

Further  details  and  any  information  required  will  be] 
forwarded  promptly  on  application  to 

THE  CAROLINA  PETROLEUM  COMPANY 
Southern  Building,  Washington,  D.  C. 


to 


FOR  USE  ONLY  IN     C 
THE  NORTH  CAROLINA  COLLECTION 


Form  No.  A-368,  Rev.  8/95 


